Massachusetts H 2350: An Act authorizing the Somerville Retirement Board to divest from fossil fuel companies

Bill Text

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HOUSE DOCKET, NO. 1717 FILED ON: 1/17/2019
HOUSE . . . . . . . . . . . . . . . No. 2350

The Commonwealth of Massachusetts
_________________
PRESENTED BY:
Denise Provost
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To the Honorable Senate and House of Representatives of the Commonwealth of Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the adoption of the accompanying bill:
An Act authorizing the Somerville Retirement Board to divest from fossil fuel companies.
_______________
PETITION OF:

NAME: DISTRICT/ADDRESS: DATE ADDED:
Denise Provost 27th Middlesex 1/17/2019
Christine P. Barber 34th Middlesex 1/29/2019
Mike Connolly 26th Middlesex 2/1/2019
Patricia D. Jehlen Second Middlesex 2/1/2019

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HOUSE DOCKET, NO. 1717 FILED ON: 1/17/2019
HOUSE . . . . . . . . . . . . . . . No. 2350
By Ms. Provost of Somerville, a petition (accompanied by bill, House, No. 2350) of Denise
Provost and others (with the approval of the mayor and city council) that the Somerville
Retirement Board be authorized to divest from fossil fuel companies. Public Service. [Local
Approval Received.]

[SIMILAR MATTER FILED IN PREVIOUS SESSION
SEE HOUSE, NO. 4365 OF 2017-2018.]

The Commonwealth of Massachusetts

_______________
In the One Hundred and Ninety-First General Court
(2019-2020)
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An Act authorizing the Somerville Retirement Board to divest from fossil fuel companies.

Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority
of the same, as follows:

1 Section 1: Notwithstanding any general or special law to the contrary, the Somerville
2 Retirement Board (hereinafter referred to as SRB) may, in accordance with the procurement
3 process described in Chapter 32, section 23B of the General Laws, divest in whole or in part
4 from any investment in fossil fuel companies. In accordance with this provision, the SRB may,
5 after following said procurement process, invest in index funds or other investment vehicles that
6 may not include fossil fuel companies. For the purposes of this section, fossil fuel companies
7 shall be defined as a company identified by a Global Industry Classification System code in one
8 of the following sectors: (1) coal and consumable fuels; (2) integrated oil and gas; (3) oil and gas
9 exploration and production.

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10 Section 2: This act shall take effect upon its passage.